Company reaches quarterly sales of $6.1 million, up 228% year over year and up 101% sequentially
First quarter of positive net income in Company’s history fueled by robust market demand, increased brand awareness and improved cannabis production
Gross margin improvement from 32% to 49% reflects increased operating efficiencies
Completed the acquisition of ONE Cannabis Group, parent company of national dispensary franchise Unity Rd., complementing the Company’s innovative, premium product portfolio with a platform for national distribution
Management to host conference call and webcast to discuss key operational and financial highlights today at 11:00 AM ET
PHOENIX, May 18, 2021 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (“Item 9 Labs” or the “Company”), a vertically integrated cannabis dispensary franchisor and operator that produces premium products, today reported operating and financial results for the three months ended March 31, 2021, the Company’s second quarter for fiscal year 2021 (“Q2 FY2021”). The Company will be hosting an earnings call on May 18, 2021 at 11:00 AM Eastern time (8:00 AM Pacific time).
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis franchisor and operator headquartered in Arizona that produces premium, award-winning products. With deep experience in cannabis, franchising, and capital markets, the Company brings the best